SageSure and SURE close $250m catastrophe bond
- June 7, 2025
- Posted by: Web workers
- Category: Finance
SageSure, a managing general underwriter focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (SURE) have announced the close of the Gateway Re 2024-1 catastrophe bond at $250 million.
According to SageSure, this Gateway Re 2024-1 issuance will provide named storm reinsurance protection for both SURE and SageSure’s other affiliated reciprocal exchange Elevate in Alabama, North and South Carolina, Louisiana, Mississippi, and Texas with the optionality to add New York and/or Virginia for the multi-year Class AA tranche.
You can read more about this Gateway Re Ltd. (Series 2024-1) catastrophe bond, and all others in the deal directory of our sister publication, Artemis.
Terrence McLean, CEO of SageSure, commented, “SageSure is proud to support our underwriting partners in securing diversified, multi-year reinsurance capacity.
“This transaction brings total catastrophe bond issuances across our underwriting partners to more than $1 billion in only 24 months. We are grateful to the ILS investor community for their continued support that enables us to serve markets where our solutions make a significant impact.”
Ed Konar, President of SURE, added, “Since 2022, capital markets have played a key role in SURE’s reinsurance program. The latest Gateway Re catastrophe bond issuance further bolsters SURE’s multi-year named storm reinsurance protection, and we look forward to the measured growth it will support.”
Building on last year’s partnership, Swiss Re Capital Markets acted as the sole structuring agent and bookrunner for the Gateway Re 2024-1 issuance.
Jean-Louis Monnier, CEO of Swiss Re Capital Markets Corporation, said, “We are excited to again advise SURE and SageSure on this successful issuance by Gateway Re.
“Broad investor demand and competitive pricing of the placement illustrate confidence in SURE, SageSure, and are a testament to the strength of the Gateway Re franchise.”
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